The bank has already thrown more than 1 trillion euros ($1.34 trillion) into the economy, much of it repaid, and is poised to inject up to another 1 trillion euros if necessary.
Yet there was no growth across the 18-country bloc in the second quarter and inflation is running at a deflation-threatening 0.4 percent.
"The risks surrounding the economic outlook for the euro area remain on the downside," ECB President Mario Draghi said earlier in the month.